MONTREAL, Dec. 8, 2016 /CNW Telbec/ - National Bank is proud to announce that its subsidiary, Advanced Bank of Asia Limited (ABA Bank), was named Cambodia's "Bank of the Year 2016" by The Banker magazine.
This distinction reflects ABA Bank's performance and commitment to excellence as it celebrates its 20th anniversary. This is ABA Bank's third such distinction this year, having been named the "Best Bank in Cambodia 2016" by international publications Euromoney and Global Finance.
"ABA Bank has been growing steadily over the past few years. We are proud to see its performance recognized through a number of awards, including this one from The Banker," said Karen Leggett, Chief Marketing Officer and Executive Vice-President – Corporate Development at National Bank. "Thanks to a talented team and a sound business model, ABA Bank is well positioned to continue its growth over the coming years."
ABA Bank, a National Bank subsidiary in Cambodia
Founded in 1996, ABA Bank is one of Cambodia's premier financial institutions and boasts the third largest branch network in the country, with 42 branches serving some 150,000 clients. National Bank acquired a 10% stake in ABA Bank in 2014, followed by further investments that brought its share to 42% in 2015, and 90% in May 2016.
A targeted development strategy for emerging markets
National Bank's presence in Cambodia falls under a strategic approach that aims to expand into emerging markets. This measured international expansion employs rigorous selection criteria and rests on a long-term growth strategy. In addition to its stake in ABA Bank, National Bank has other holdings including a 17.5% stake in AfrAsia Bank in Mauritius and a 24% stake in NSIA, a financial group based in Côte d'Ivoire. These institutions will serve as growth drivers and open up potential opportunities for National Bank clients seeking to grow their business abroad.
As of the first quarter of 2017, these activities will be reported under a new business segment, U.S. Specialty Finance and International.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank or of ABA Bank, including, risks relating to changes in general economic and market conditions in the areas where the Bank and ABA Bank do business; the effects of competition in the markets in which the Bank and ABA Bank operate; and the Bank's ability to complete the integration of ABA Bank's activities successfully. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purpose.
About National Bank of Canada
With $232 billion in assets as at October 31, 2016, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 21,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada
For further information: (The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders.): Marie-Pierre Jodoin, Senior Manager - Public Affairs, National Bank, Tel.: 514-394-4209